“In order to increase shareholder representation, I commit to restructuring the Board and appointing two non-executive directors to the Board by the mutual consent of the founder and shareholders; right after the FY23 Audit, which we expect to close by the end of this quarter. I believe this will be in the best interest of the company and allow for greater engagement with shareholders,” he said in a letter to shareholders around midnight.
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“To ensure transparency with regard to the usage of funds raised through the rights issue, we will appoint a third-party agency to monitor the same. This agency will report to all shareholders on a quarterly basis, within 45 days from the end of the quarter, along with commentary from the Board.”
ET has seen the content of the letter written by Byju’s.
Raveendran reiterated in his note that a few vested interests are acting against the company at a time when it is facing a severe cash crunch. “ I refuse to let the self-serving actions of a few individuals cloud my judgment and pollute our relationship,” he said.
“This investment is an investment in our shared destiny and is the first step towards success. The amount, by design, will not strain shareholders but will be of immense value to the company. It is a small step for you, but it will be a collective relief for all stakeholders, ensuring goodwill and hard work on the road ahead,” Raveendran said ahead of the EGM on Friday.
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Earlier this month, Byju’s had said the investor group–which demanded his exit and change of board, has ‘no voting rights’ for the same. The edtech termed it as “unfortunate” and that the “company and its employees are paying the price for a stand-off triggered by some investors.”“We are deeply concerned about the future stability of the company under its current leadership and with the constitution of the board,” an investor group–including Peak XV Partners and Prosus– had said earlier.
The board members of Think & Learn include Raveendran, his wife and Byju’s cofounder Divya Gokulnath and brother Riju Ravindran. Former State Bank India chairman Rajnish Kumar and ex-Infosys finance chief Mohandas Pai are part of Byju’s advisory council, which was formed in July after the resignation of Prosus, Peak XV and Chan Zuckerberg Initiative representatives from the board.
